Construction Contracts (Tables)

6 Months Ended

Jun. 30, 2022

Summary of balances and changes of construction contracts

The following table summarizes the changes to the balances in the Company’s construction contract costs and estimated earnings in excess of billings account and the billings in excess of construction contract costs and estimated earnings account for the six months ended June 30, 2022 and 2021 (in thousands):


	Six Months Ended June 30, 2022				Six Months Ended June 30, 2021
	Construction contract costs and estimated earnings in excess of billings		Billings in excess of construction contract costs and estimated earnings		Construction contract costs and estimated earnings in excess of billings		Billings in excess of construction contract costs and estimated earnings
Beginning balance	$	243	$	4,881	$	138	$	6,088
Revenue recognized that was included in the balance at the beginning of the period	—		(4,881)		—		(6,088)
Increases due to new billings, excluding amounts recognized as revenue during the period	—		15,442		—		4,191
Transferred to receivables	(361)		—		(464)		—
Construction contract costs and estimated earnings not billed during the period	493		—		85		—
Changes due to cumulative catch-up adjustment arising from changes in the estimate of the stage of completion	118		(367)		326		(54)
Ending balance	$	493	$	15,075	$	85	$	4,137

The Company’s balances and changes in construction contract price allocated to unsatisfied performance obligations (backlog) as of June 30, 2022 and 2021 were as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Beginning backlog	$	419,439	$	38,838	$	215,518	$	71,258
New contracts/change orders	167,143		50,278		395,746		53,402
Work performed	(45,368)		(18,897)		(70,050)		(54,441)
Ending backlog	$	541,214	$	70,219	$	541,214	$	70,219

Net position of uncompleted construction contracts

The Company’s net position on uncompleted construction contracts comprised the following as of June 30, 2022 and December 31, 2021 (in thousands):


	June 30, 2022		December 31, 2021
Costs incurred on uncompleted construction contracts	$	411,547	$	379,993
Estimated earnings	16,423		15,115
Billings	(442,552)		(399,746)
Net position	$	(14,582)	$	(4,638)

Construction contract costs and estimated earnings in excess of billings	$	493	$	243
Billings in excess of construction contract costs and estimated earnings	(15,075)		(4,881)
Net position	$	(14,582)	$	(4,638)

The above table reflects the net effect of projects closed as of June 30, 2022 and December 31, 2021, respectively.